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SWFT Essntl Tax Individ/Bus Entities 2020

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 38P

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Drill Problem 20-13 (Algo) [LU 20-3 (1)]
Britney Sper, Territory 5
Class 18 operator
Compulsory, 10/20/5
Optional
a. Bodily injury, 25/60
b. Property damage, 25M
c. Collision, $100 deductible Age of car is 3; symbol of car is 5
d. Comprehensive, $200 deductible
Calculate the total annual premium for the above: (Use tables 20.5. 20.6, 207, 20.8.20.9)
Total annual premium

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Drill Problem 15-2 (Algo) [LU 15-1 (2)] Complete the following amortization chart by using Table 15.1. Note: Round your "Payment per $1,000" answer to 5 decimal places and other answers to the nearest cent. Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $ 94,000 $ 4,000 6.0 % 30
Drill Problem 15-4 (Algo) [LU 15-1 (3)] Use the following amortization chart: Selling price of home $ 88,000 Down payment $ 6,000 Principal (loan). $ 82,000 Rate of interest 6.0% Total cost of interest Answer is complete but not entirely correct. 95,120 Years 30 Payment per $1,000 $ 5.9955 What is the total cost of interest? Note: Do not round Intermediate calculations. Round your answer to the nearest whole dollar. Monthly mortgage payment $ 491.63
Assgament: Introduction to * CengageNOWv2 | Online teachin x * Mindfap-Cenqage Leaming n/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 它 ☆ Problem 3-43 (LO. 9) Each year, Tom and Cindy Bates (married filing jointly) normally have itemized deductions of $22,000 (which includes an annual $4,000 pledge payment to their church). On the advice of a friend, they do the following: In early January 2020, they pay their pledge for 2019; during 2020, they pay their pledge for 2020; and in late December 2020, they prepay their pledge for 2021. a. What are the Bateses trying to accomplish? To have their itemized deductions exceed the standard deduction Feedback V Check My Work In most cases, the choice between using the standard deduction and itemizing deductions from AGI is a sinple matter-pick whichever yields the larger tax benefit. However, taxes might be saved by alternating between the two options by tax planning. b. What would the Bates' total…
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Wind damage occurs to your car costing $1,700 to repair. If you have a $110 deductible for collision and full coverage for comprehensive, what portion of the claim will the insurance company pay? Multiple Choice $850 $1,590 $110 $1,810 $1,700
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Problem 17-19 (Algo) [LO 17-4) Diane Baumah, a professional artist with AGI in excess of $65.000, made the following donations. Assume the taxable year is 2021. Required: Determine to what extent each donation is deductible on her Schedule A. (Leave no cells blank - be sure to enter "0" wherever required.) Amount a $2,050 cash to the First Methodist Church of Chicago b. $52 cash to a homeless person. c. One of Diane's own oil paintings to the local chapter of Meals on Wheels, a tax-exempt charity. The charity sold the painting for $4,000 at a silent auction. d. $10,200 cash to the Democratic political party e. Used household turniture to the Salvation Army Diane's original cost was $6,900, and the furniture was reasonably worth $1,220.
Drill Problem 18-3 [LU 18-1 (2)] Complete the following amortization chart. (Round your answers to the nearest cent.) Monthly mortgage payment Selling price of home $ Down payment 187,000 $ 50,000 Principal (loan) Rate of interest 7.00% Years 35
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